Top 3 Tips to Boosting your Bottom Line via Strategy Consulting
Strategy Consulting - Self Evaluation
Every business owner and leadership team have sat around at one stage or another and contemplated the thought of “what business strategy can we create to increase our bottom line?”.
They may have goals to scale their business, start a franchise program, sell the business, build a legacy or so much more! Regardless of their goals, the topic in discussion today is going to answer the question of how to increase your bottom line and the process is quite simple.
Note that we said simple, not easy. Nothing worth doing will ever come easy, but rest assured, as experts in business consulting and strategy consulting, we have your back.
We will outline the top 3 tips to boost your bottom line and begin to formulate your business strategy.
MJM Business Strategy Explained
Business strategy consulting is an important aspect of planning. To ensure success you need to have the right strategy.
At MJM Business Consulting we work intimately with our clients to understand their current position, the challenges they face and the culture they wish to instil in their organisation via specific business coaching methods.
From there, our consulting services will support you in establishing your new direction and systematically break down the pathway to your business' larger vision.
We pride ourselves on the hyper-personalised consulting services we provide, and we know that you will appreciate dealing with not just another consulting company.
This leads us to the first of three top tips for increasing your bottom line via strategy consulting – something MJM Business Consulting offers from our consulting services suite.
#1 Taking Inventory
Now although taking inventory during a stocktake may be a crucial element of some businesses it is not what we’re referring to.
We are referring to taking inventory of your actual business. To assess and be realistic with yourself regarding your situation.
Attention needs to be given to identifying your current position in the market. Where do you sit amongst competitors? What is the demographic your business is appealing to? What are your primary sources of business/customers?
You will also need to determine your true profit and loss.Throughout our time providing consulting services we have come across businesses without P/L statements, businesses with inaccurate P/L statements and businesses where it is treated as a tick and flick.
The goal for a profit and loss statement is to reflect your bank statement for ‘x’ period.
If the P/L reflects different amounts than what is actualised in your bank account, you are setting yourself up for failure and opening yourself up for greater loss and risk.
Once you have your P/L statement accurate, you will enable your ability to ascertain true margin percentages, acquisition costs, loss percentages, and so forth.
#2 Mirror Evaluation
Now that we understand where your business is positioned. We must invest time in doing one of the hardest things and look at what we are currently doing.
Not only highlighting what you do so amazingly but shining a light on the areas you and your business continue to fall short.
If you are reading this insight into boosting your business's bottom line via strategy consulting, chances are you have already established a proof of concept, achieved a certain level of success and are now in the position to scale or perhaps correct the path of your business, or both!
To do so, we must look in the mirror and determine the reasons your business has reached its current peak level of success.
The reasons why may be abundant and more so multifaceted. As you dive into thought in one area of opportunity you may find it is being hindered by one or several other areas of opportunity for your business.
Reaching the point where you have realised the factors hindering your success and growth is one of the stepping stones towards creating a shift in your business and putting you back on a path of prosperity.
#3 Seek Support
In the interest of transparency, we may be just a little bit biased on this topic, however, our bias does not come without great reasoning and rational thought.
We have all experienced it, working on a task or project and then suddenly, our flow state ends or is interrupted and we can no longer bring ourselves back into thought to continue.
The next step is typically to get out of your chair, get some water, take a bathroom break, stretch your legs, or perhaps revisit the task in the following days.
And once we return, in almost all cases we can come back with new and fresh ideas along with a perspective we did not have previously while working so close to it.
Unfortunately, for many business owners and people in leadership roles, there is no time or room for them to step away from the business/work to gain a new and refreshed perspective.
They are stuck in the day-to-day grind of working in the business to be able to take a moment and focus on the business.
Our goal at MJM Business Consulting is to be a fresh perspective in your business and provide our support through a substantial suite of consulting services.
For us to successfully develop your growth strategy we work closely with our clients to establish their larger vision.
The business strategy consulting process is tailor-made depending on the areas of opportunity your business wishes to address.
MJM Business Consulting - Consulting Services Suite
We pride ourselves on the hyper-personalised service we provide, and we know that you will appreciate dealing with not just another consulting business.
In closing, we can appreciate the difficulty and pressure behind opening the door to external support.
To aid you in this decision to seek out external support as well as assist you in deciding which consulting business to partner with, we urge you to explore one of our other insights pertaining to the Top 3 Recommendations when Searching for a Business Consulting Company.